As Fixed Saver is a fixed rate product with a set term there is no right to cancel or make deposits or withdrawals after the initial 14-day cooling-off period. Please make sure you’re happy with the product and the interest rate before you apply.

Fixed Saver can be opened in singly or in joint names. You can also open a Fixed Saver on behalf of someone else, either under a Power of Attorney or as a Deputy for someone deemed incapable of making their own financial decisions.

Your right to cancel

Should you decide it’s not for you, you can cancel your Fixed Saver within the first 14 calendar days of opening. You will need to inform us via secure message or by calling us.

Balance

The minimum deposit for Fixed Saver is £500. You can make unlimited deposits in the first 14 calendar days from the date we receive your application up to a maximum of £2,000,000.

Interest

From the day we receive your initial deposit, your Fixed Saver will earn interest daily, based on the balance at the end of each day and calculated as 1/365^th of the annual rate.

Interest can be paid annually or monthly on the anniversary date of your initial deposit.

If your Fixed Saver term is equal to a whole year (for example 1-year or 2-year), your interest can be paid into:

• the same Fixed Saver where it’s earned,
• any other Ford Money savings account you hold (subject to its Terms and Conditions),
• your Nominated Account.

For terms that aren’t equal to a whole year (say, 6 or 18-month terms), we’ll pay interest into the same Fixed Saver where it’s earned.

If you have selected for your interest to be paid to your Nominated Account and if the interest due date is a non-business day (Saturday, Sunday and Bank Holidays), we’ll send your interest payment via BACs on the next business day.

If the anniversary date falls on February 29^th, we’ll pay your interest on February 28th, except in leap years when we will pay it on February 29^th itself.

Maturity

As your Fixed Saver approaches maturity, we’ll send you a letter around a month before it matures, and a reminder email 14 days before the end of the term. Each communication explains that you’ll need to log in to see the maturity options that are available to you. You’ll normally have the option to:

• Withdraw your savings, 
• Re-invest in another Ford Money Fixed Saver, 
• Re-invest in a different Ford Money product, 
• Create a combination of any of the above. 

If we don’t hear from you, and we’re offering another term of a similar length, we’ll transfer your funds into this new term on the maturity date.Of course, we’ll tell you about this and you’ll have the 14 calendar day Right to Cancel, should you decide you wish to cancel the new account following the maturity date.

Any outstanding interest can be credited to the account of your choosing. This could be either into your Nominated Account or another Ford Money account (subject to its Terms and Conditions).

Interest paid to your Nominated Account will be sent to your account on the maturity date (or the next working day where the maturity date is on a weekend or Bank Holiday). If your account matures over the weekend or on a Bank Holiday, and you're transferring some, or all, of your savings to your Nominated Account, you'll earn additional interest for these days. This will be included in the amount we transfer on the next working day.

Early withdrawals

The Fixed Saver product is designed to be held for the entire term for which you applied. Account closure is only allowed within the first 14 calendar days of account opening. There are only two situations where we allow withdrawals or terminating early:

• after a Fixed Saver account holder dies – either where the account was held only in his or her name, or where he or she was the last surviving holder of an account that was held jointly with someone else, 
• if we make any change to this agreement that is to your disadvantage.